Topaz Energy and Marine receives loan to purchase vessel to support BP’s operations in Azerbaijan
Azerbaijan, Baku, March 31 / Trend /
Topaz Energy and Marine, subsidiary of the Renaissance Services, received a 23-million-dollar loan to purchase a vessel to support oil platforms of the Caspian Server. The vessel costs $38 million. The loan will be issued by the DVB Bank.
The vessel will be used on the Caspian Sea on the basis of a ten-year contract with BP worth $225 million.
According to Topaz Executive Director Fazel Fazelbhoy, the ability to obtain funding to expand its fleet in the current turbulent economic environment demonstrates the financial sustainability of the company.
Topaz Energy and Marine supports BP's offshore operations as part of development of the Azeri-Chirag-Guneshli and Shah Deniz fields in the Azerbaijani sector of the Caspian Sea.